% created using textab on Wed Mar 11 21:08:03 2026
\begin{tabular}{rcccccc}
\toprule 
\midrule 
 & \multicolumn{2}{c}{$>50\%$ ownership} & \multicolumn{2}{c}{Any employees} & \multicolumn{2}{c}{Face-to-face contact} \\
 \cmidrule(lr){2-3} \cmidrule(lr){4-5} \cmidrule(lr){6-7} 
\emph{Profits, pct. change} & Yes & No & Yes & No & Higher & Lower \\
\midrule 
$t = -1$ & 0.048 & -0.037 & 0.012 & -0.059 & -0.013 & 0.008 \\
 & (0.038) & (0.032) & (0.026) & (0.056) & (0.031) & (0.040) \\[3pt]
$t = 0$ & -0.104** & -0.034 & -0.103*** & 0.065 & -0.044 & -0.086* \\
 & (0.044) & (0.040) & (0.028) & (0.077) & (0.038) & (0.046) \\[3pt]
$t > 0$ avg. & -0.222*** & -0.210*** & -0.186*** & -0.192*** & -0.214*** & -0.196*** \\
 & (0.052) & (0.050) & (0.044) & (0.074) & (0.043) & (0.066) \\
 \cmidrule(lr){2-7} 
Mean profits & \$67,495 & \$87,965 & \$121,983 & \$38,899 & \$79,316 & \$79,276 \\
$N$ owners & 20,710 & 25,803 & 24,040 & 28,075 & 26,774 & 18,598 \\
\midrule 
 & \multicolumn{2}{c}{Spouse employed} & \multicolumn{2}{c}{Parents nearby} & \multicolumn{2}{c}{} \\
 \cmidrule(lr){2-3} \cmidrule(lr){4-5} 
\emph{Profits, pct. change} & Yes & No & Yes & No &  &  \\
 \cmidrule(lr){1-5} 
$t = -1$ & -0.004 & -0.005 & -0.032 & 0.007 \\
 & (0.029) & (0.053) & (0.034) & (0.034) \\[3pt]
$t = 0$ & -0.108*** & 0.092 & -0.086** & -0.046 \\
 & (0.032) & (0.078) & (0.039) & (0.043) \\[3pt]
$t > 0$ avg. & -0.208*** & -0.090 & -0.160*** & -0.224*** \\
 & (0.046) & (0.087) & (0.057) & (0.049) \\
 \cmidrule(lr){2-5} 
Mean profits & \$85,146 & \$60,620 & \$75,641 & \$81,652 \\
$N$ owners & 25,597 & 11,304 & 17,286 & 28,471 \\
\midrule 
\bottomrule 
\end{tabular}
